Best Life Insurance for Over 50s UK 2025

Life in your 50s is often a time of transition. Your children may have flown the nest, your mortgage might be shrinking, and retirement is appearing on the horizon. It's a natural point to reassess your finances and ensure your loved ones are protected for the future. Life insurance is a cornerstone of this financial security, but the landscape can seem complex once you're over 50.

Which policy is right for you? Should you opt for a simple 'over 50s plan' or is traditional 'term insurance' still a viable option? What about protecting your income if you're still working, or considering the implications for your business?

As expert protection insurance brokers, we at WeCovr speak to people over 50 every day. We understand the unique questions and concerns that arise at this stage of life. This definitive guide for 2025 is designed to demystify life insurance for the over 50s. We will break down your options, review the UK's leading providers, and give you the clear, authoritative information you need to make the best choice for your family's future.

WeCovr reviews the top providers for over 50s cover

Choosing a provider is as important as choosing the right type of policy. While many companies offer 'Over 50s Life Insurance' plans, their features, benefits, and payout terms can vary significantly. These plans are characterised by guaranteed acceptance with no medical questions for UK residents aged 50 to 80 (or 85 with some insurers).

It's crucial to understand that these plans have a waiting period, typically 12 or 24 months. If you pass away from natural causes during this period, the insurer will not pay the full lump sum but will usually refund the premiums you have paid. However, they typically pay out in full for accidental death from day one.

Here’s our expert review of the top providers in the UK market for 2025, comparing their dedicated Over 50s plans.

Comparison of Leading UK Over 50s Life Insurance Providers 2025

In-Depth Provider Reviews

1. Aviva

Aviva is one of the UK's largest and most established insurers. Their Over 50s plan is a solid, straightforward option.

• Key Features: Acceptance is guaranteed for UK residents aged 50-80. You can choose a premium from £5 to £100 per month, which determines your fixed lump sum payout. The 12-month waiting period is standard for the market.
• Standout Benefits: Aviva's Funeral Benefit Option allows you to pay your lump sum directly to Dignity Funerals, who will also contribute an extra £250 towards the cost of your funeral. This can provide extra peace of mind for your family. They also offer 'Free Parent Life Cover' when you take out a policy, providing some cover for your own parents.
• Who it's for: Someone looking for a reliable, no-fuss plan from a household name, with the added bonus of a valuable funeral funding option.

2. Legal & General

Legal & General is another major player in the UK insurance market, known for its competitive pricing and strong brand reputation.

• Key Features: Their plan is available to UK residents aged 50-80. A key feature is that after the initial 12-month period, if you're diagnosed with a terminal illness with less than 12 months to live, you can claim your full payout early.
• Standout Benefits: Legal & General often runs promotions, such as offering a free gift card upon policy inception. They also provide access to a wellbeing support service, giving you and your family access to confidential guidance on emotional and practical issues. Their Funeral Benefit Option, partnered with Dignity, adds £300 to your chosen sum if used for funeral costs.
• Who it's for: Individuals who value the early payout option for terminal illness and appreciate the additional wellbeing support services for their family.

3. Royal London

As the UK's largest mutual life, pensions and investment company, Royal London is owned by its members, which can influence its customer-centric approach.

• Key Features: Their Over 50s plan is similar in structure to others, with a 12-month waiting period and guaranteed acceptance. They allow premiums to be paid up to the age of 90, after which cover continues for free.
• Standout Benefits: Royal London's plan includes access to their 'Helping Hand' service, which offers practical and emotional support from a dedicated nurse, including help with bereavement counselling and sourcing second medical opinions. They also partner with a third-party to offer a will writing service.
• Who it's for: Those who place a high value on comprehensive support services for their family during a difficult time. The mutual status may also appeal to some consumers.

4. SunLife

SunLife has a long history of specialising in the over 50s market and is one of the most recognised brands in this specific niche.

• Key Features: They offer a wider age range for application, up to 85. The first month of cover is often free, and they provide a Funeral Benefit Option that adds £250 to your payout. Their maximum payout is a generous £18,000.
• Standout Benefits: SunLife's marketing is heavily focused on simplicity and ease. They frequently offer a welcome gift, such as a high-street gift card, which is a popular incentive. Their strong focus on funeral planning is a core part of their offering.
• Who it's for: Individuals looking for a very simple application process, a higher potential payout, and those applying at a later age (81-85).

5. Vitality

Vitality takes a completely different approach. They are not a traditional 'guaranteed acceptance' provider but are included here because their model is highly relevant for healthier individuals over 50.

• Key Features: Vitality's life insurance is fully medically underwritten. This means you will have to answer health and lifestyle questions. However, for healthy non-smokers, this can result in a significantly larger payout for the same monthly premium compared to a guaranteed acceptance plan.
• Standout Benefits: The core of Vitality's proposition is its wellness programme. By tracking your activity (walking, running, gym visits) and engaging in health checks, you can earn rewards like free cinema tickets, discounted gym memberships, and, crucially, a reduction in your insurance premiums.
• Who it's for: Active and relatively healthy over 50s who are willing to answer medical questions and engage with a wellness programme to get more value and a larger amount of cover for their money.

Understanding Over 50s Life Insurance

Before you decide, it's vital to understand exactly what an "Over 50s Life Insurance" plan is and, more importantly, what it isn't.

What is it? It is a type of whole-of-life insurance policy that guarantees to pay out a fixed, lump sum of money when you die. The key selling point is guaranteed acceptance – you will not be asked any health questions or be required to have a medical examination. As long as you are a UK resident within the eligible age bracket (usually 50-80), you will be accepted.

How does it work?

1. You choose a monthly premium you are comfortable with (e.g., £15, £25, £50 per month).
2. This premium is fixed for life and will never increase.
3. The insurer tells you the exact cash lump sum your loved ones will receive upon your death. This sum is also fixed.
4. You continue to pay the premiums until a certain age (often 90) or until you pass away, whichever comes first. After this age, the cover continues for free.

The Important Caveats There are two critical points to understand about these plans:

• The Waiting Period: Most plans have a 12 or 24-month waiting period. If you die from natural causes (e.g., a heart attack, cancer, or old age) within this initial period, the policy will not pay the full lump sum. Instead, your family will receive a refund of the premiums you have paid, sometimes with a small amount of interest. However, if you die as a result of an accident during this period, the full cash sum is typically paid out.
• The Payout vs. Premiums Paid: Because the lump sum is fixed, there is a possibility that you could live long enough to pay more in premiums than the policy will pay out. For example, if your policy pays out £5,000 and your premium is £25 per month, you would have paid in £6,000 after 20 years. This is the fundamental trade-off for guaranteed acceptance with no medical questions.

Is Over 50s Life Insurance the Right Choice for You?

This type of plan is a simple and accessible solution, but it's not suitable for everyone. Weighing the pros and cons is essential.

Pros of Over 50s Plans:

• Guaranteed Acceptance: This is the biggest advantage. If you have pre-existing health conditions that might make you ineligible for other types of insurance, or you simply don't want to go through a medical, this is a straightforward way to get cover.
• Simple and Quick: The application process is incredibly easy, often taking just a few minutes online or over the phone.
• Fixed Premiums: Your monthly payments will never go up, making it easy to budget for.
• Peace of Mind: It provides a guaranteed lump sum that can be used to help cover funeral costs, pay off small outstanding bills, or be left as a gift to family. The average cost of a basic funeral in the UK was £4,141 in 2023, according to the SunLife Cost of Dying Report, so even a modest payout can be a significant help.

Cons of Over 50s Plans:

• Lower Payouts: For the same monthly premium, a healthy 55-year-old could get a much larger amount of cover with a traditional term life insurance policy.
• The Waiting Period: The lack of a full payout for non-accidental death in the first 1-2 years is a significant drawback.
• Risk of Paying In More Than the Payout: As explained above, if you live for a long time, you could pay more in premiums than your family receives.
• Impact of Inflation: The fixed lump sum does not increase over time. A £5,000 payout might seem adequate today, but its purchasing power will be less in 10 or 20 years.

An Over 50s plan is often best for:

• Individuals with significant pre-existing medical conditions.
• Those who have been declined for other types of life insurance.
• People who want a small, guaranteed sum specifically for funeral expenses.
• Anyone seeking the absolute simplest application process with no medical questions.

Alternatives to Over 50s Life Insurance

For many people over 50, especially those in good health, other types of insurance offer far better value and more comprehensive protection. As independent brokers, we believe it's our duty to show you the whole picture.

Term Life Insurance

This is the most common type of life insurance. It covers you for a fixed period (the 'term'), for instance, 20 years. If you pass away within that term, it pays out a lump sum. If you outlive the term, the policy ends and you get nothing back.

• Why it can be better: For a healthy 55-year-old, a £25 monthly premium could secure £100,000 or more of cover over a 20-year term, compared to just £5,000-£7,000 on an Over 50s plan. This is because the insurer assesses your individual risk through medical questions.
• When to consider it: If you still have a mortgage, financial dependents, or want to leave a substantial legacy. Don't assume you're too old or that your health issues will disqualify you. It's always worth getting a quote.

Whole of Life Insurance

Similar to an Over 50s plan, this policy is guaranteed to pay out whenever you die. However, it is medically underwritten.

• Why it can be better: The underwriting process means you can secure a much larger, guaranteed payout. It's often used for Inheritance Tax (IHT) planning. By writing the policy in trust, the payout can be used by your beneficiaries to pay the IHT bill on your estate without falling into the estate itself.
• When to consider it: For high-net-worth individuals concerned about leaving their family with a large tax bill.

Family Income Benefit

This is a variation of term life insurance. Instead of a single lump sum, it pays out a regular, tax-free monthly or annual income to your family for the remainder of the policy term.

• Why it can be better: It's often cheaper than lump-sum cover and can be easier for your family to manage, replacing your lost income in a more structured way. It’s perfect for covering day-to-day living costs rather than a large debt like a mortgage.
• When to consider it: If you're the main earner and want to ensure your family's lifestyle is maintained if you're no longer around.

Critical Illness Cover

This is a crucial but often overlooked protection. It pays out a tax-free lump sum if you are diagnosed with a specific serious illness listed on the policy, such as some forms of cancer, heart attack, or stroke.

• Why it's important over 50: The risk of critical illness increases significantly with age. A payout can provide a vital financial cushion, allowing you to cover medical bills, adapt your home, or simply take time off work to recover without financial stress. It can be bought as a standalone policy or combined with life insurance.

Income Protection

If you're still working, your income is your most valuable asset. Income Protection insurance pays you a regular monthly income if you are unable to work due to any illness or injury.

• Why it's vital: Statutory Sick Pay (SSP) is just £116.75 per week (2024/25 rate) and is only paid for 28 weeks. Could your household survive on that? Income Protection can replace up to 60-70% of your gross salary until you can return to work, or until retirement.
• When to consider it: If you are under state pension age and rely on your earnings to pay your bills. This is arguably more important than life insurance for many, as you're more likely to be off work sick than to pass away during your working life.

Special Considerations for Over 50s

Your 50s can bring unique financial circumstances, especially for those running a business or working for themselves.

For Business Owners and Company Directors

If you run your own limited company, you can access highly tax-efficient forms of protection:

• Relevant Life Cover: This is a death-in-service benefit set up and paid for by your company. It pays a lump sum to your family if you die. The key benefit is that premiums are typically an allowable business expense, and it doesn't count towards your annual or lifetime pension allowances.
• Executive Income Protection: Similar to personal income protection, but it's paid for by your business. It provides a monthly benefit to the company, which can then be distributed to you as salary if you're unable to work. Again, the premiums are usually a tax-deductible business expense.
• Key Person Insurance: This protects the business itself. It pays a lump sum to the company if a key employee (like a founder, top salesperson, or technical expert) dies or suffers a critical illness. The money can be used to cover lost profits or the cost of recruiting a replacement.

For the Self-Employed and Freelancers

When you work for yourself, there is no safety net. No sick pay, no death-in-service benefit. This makes personal protection essential.

• Income Protection: This is the number one priority. It's your replacement salary if you can't work. Look for policies with an 'own occupation' definition of incapacity, which means it will pay out if you are unable to do your specific job.
• Personal Sick Pay: These are often short-term income protection plans, designed for tradespeople and those in riskier jobs. They might have a shorter payment period (e.g., 1-2 years) but can be more affordable and easier to obtain.

For Inheritance Tax (IHT) Planning

• Gift Inter Vivos Insurance: If you have gifted a large sum of money or an asset to someone, it may still be considered part of your estate for IHT purposes if you die within 7 years. A 'Gift Inter Vivos' policy is a special type of life insurance designed to pay out a sum that covers the potential IHT liability on that gift. The amount of cover reduces over the 7-year period in line with the 'taper relief' rules.

How to Get the Best Life Insurance Quote Over 50

Finding the right policy at the best price requires a structured approach.

1. Assess Your Needs: Before you look at any products, ask yourself what you want the money for.

   • Is it to cover a £5,000 funeral bill? An Over 50s plan might suffice.
   • Is it to clear a £150,000 mortgage? You need underwritten Term Insurance.
   • Is it to replace your £40,000 salary? You need Income Protection.
   • Is it to cover a potential £100,000 IHT bill? You need Whole of Life insurance.

2. Be Honest About Your Health: For any underwritten policy (Term, Whole of Life, Critical Illness, Income Protection), you will be asked about your medical history, height, weight, smoking status, and alcohol intake. Be completely honest. Failing to disclose information can lead to your policy being voided when your family needs it most.

3. Improve Your Lifestyle (If You Can): Insurers love healthy clients.

   • Quit Smoking: The single biggest thing you can do to reduce your premiums. Insurers typically classify you as a non-smoker after 12 months of being nicotine-free (including vapes and patches).
   • Manage Your Weight: A lower BMI can lead to lower premiums.
   • Reduce Alcohol Intake: Staying within recommended weekly units can have a positive impact.

4. Use an Independent Broker (like WeCovr): This is the most effective way to navigate the market.

   • Whole-of-Market Access: We are not tied to any single insurer. We can compare quotes and policies from all the UK's leading providers, including specialist ones you might not find on comparison sites.
   • Expert Advice: We can help you decide which type of policy is right for you, not just find the cheapest premium for one product. This is crucial for over 50s who might be better suited to term insurance than a guaranteed over 50s plan.
   • Help with Applications: We can guide you through the application process, especially for underwritten policies, ensuring it's completed correctly.

5. Consider Added Value: When you arrange a policy through us at WeCovr, you also get complimentary access to our AI-powered calorie and nutrition tracking app, CalorieHero. We believe in supporting our clients' long-term health and wellbeing, going beyond just the insurance policy itself.

Frequently Asked Questions (FAQs)

Your Next Step to Financial Peace of Mind

Navigating life insurance in your 50s and beyond is about making informed choices, not just buying the first product you see advertised. While guaranteed Over 50s plans offer a simple solution for some, they are not a one-size-fits-all answer. For many, medically underwritten term insurance, critical illness cover, or income protection will provide far more substantial and better value protection.

The key is to match the product to your personal circumstances, your health, and your financial goals. This is where expert, impartial advice becomes invaluable.

At WeCovr, we specialise in helping people just like you find the right protection from the UK's entire market of leading insurers. We take the time to understand your needs and provide clear, jargon-free recommendations, ensuring you have the robust financial safety net your family deserves.

Take the first step today towards securing your family's future.